KUALA LUMPUR (May 6): The Edge Communications Sdn Bhd and its owner Tan Sri Tong Kooi Ong have ceased to be substantial shareholders in Star Media Group Bhd following the latest share sale last week.
Tong sold out his direct stake of 0.2%, or 1.45 million shares on May 2 and 3. Meanwhile, The Edge sold 1.5 million shares on May 3, according to Star Media’s exchange filing. The transaction price was not disclosed.
After the latest transactions, The Edge is left with 36 million shares or 4.87% in Star Media, based on its issued share capital of 738.56 million shares.
Tong is deemed interested in Star Media via his shareholding in The Edge.
In April last year, Tong emerged as a substantial shareholder of Star Media Group after he acquired a direct interest of 1.84 million shares or a 0.25% stake, as well as 37.5 million shares or a 5.17% indirect interest through The Edge.
In an internal memo to staff, Tong said the acquisition was purely an investment.
Star Media Group publishes the country’s largest English daily The Star. Malaysian Chinese Association (MCA) is its controlling shareholder with a 47.23% equity interest.
Star Media closed down half a sen or 1.2% at 40 sen on Monday, giving the company a market capitalisation of RM295 million. The stock has fallen 19% compared with a year ago.